KindlyMD is facing potential delisting from Nasdaq after its shares fell to $0.38, significantly below the required minimum closing price of $1. To regain compliance with Nasdaq regulations, the company must maintain a closing price of $1 or higher for at least 10 consecutive business days by June 8, 2026.
The challenges for KindlyMD escalated following its merger with Nakamoto, which was completed in August. The firm’s stock has dramatically decreased, showing a nearly 99% decline from its highest point of $34.77 earlier in the year, and it has consistently traded below $1 throughout October and November. The company’s shares are listed under the ticker NAKA on the Nasdaq exchange.
In a notice shared with investors, Nasdaq indicated that it has the option to impose stricter compliance requirements, potentially extending the necessary period to regain compliance to up to 20 consecutive business days. This adds an additional layer of pressure for KindlyMD, as it works to stabilize its share price.
The troubles for the company intensified in September, when previously restricted shares from a $200 million fundraising round were unlocked, creating uncertainty among investors. Company CEO David Bailey, in a letter to shareholders, advised those looking to trade to exit their positions, acknowledging the transition’s inherent risks. He expressed optimism about aligning the interests of existing backers as the company moves forward.
Further complicating matters, KindlyMD faced delays in releasing its Q3 earnings report in November, citing complex accounting issues stemming from the merger with Nakamoto. Despite holding a substantial Bitcoin treasury consisting of 5,398 BTC valued at approximately $474 million, KindlyMD’s overall market capitalization has dwindled to $256 million.
As the company navigates these turbulent waters, its future on the Nasdaq will depend on its ability to stabilize its stock price and regain investor confidence in the coming months.
